ATHENS,
Greece, May 13, 2025 /PRNewswire/ -- Danaos
Corporation ("Danaos") (NYSE: DAC), one of the world's largest
independent owners of container vessels and drybulk vessels, today
reported unaudited results for the three-month period ended
March 31, 2025.
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Financial
Summary
Three Months Ended
March 31, 2025 and Three Months Ended March 31, 2024
Unaudited
(Expressed in
thousands of United States dollars, except as otherwise
stated)
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Three Months
Ended
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Three Months
Ended
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March 31,
2025
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March 31,
2024
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Financial &
Operating
Metrics
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Container
Vessels
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Dry bulk
Vessels
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Other
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Total
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Container
Vessels
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Dry bulk
Vessels
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Other
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Total
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Operating
Revenues
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$236,190
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$17,117
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-
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$253,307
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$233,411
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$20,038
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-
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$253,449
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Voyage Expenses,
excl. commissions
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$(307)
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$(8,370)
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-
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$(8,677)
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$(488)
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$(10,827)
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-
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$(11,315)
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Time Charter
Equivalent Revenues (1)
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$235,883
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$8,747
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-
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$244,630
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$232,923
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$9,211
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-
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$242,134
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Net
income/(loss)
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$119,045
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$(6,542)
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$2,644
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$115,147
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$138,359
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$337
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$11,802
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$150,498
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Adjusted net income
/
(loss) (2)
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$119,803
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$(6,542)
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$161
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$113,422
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$138,856
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$337
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$823
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$140,016
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Earnings per share,
basic
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$6.14
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$7.75
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Earnings per share,
diluted
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$6.13
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$7.68
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Adjusted earnings
per
share, diluted (2)
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$6.04
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$7.15
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Operating
Days
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6,451
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832
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-
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6,019
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596
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-
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Time Charter
Equivalent $/day (1)
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$36,565
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$10,513
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-
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$38,698
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$15,455
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-
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Ownership
days
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6,637
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900
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-
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6,185
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637
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-
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Average number of
vessels
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73.7
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10.0
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-
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68.0
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7.0
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-
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Fleet
Utilization
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97.2 %
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92.4 %
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-
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97.3 %
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93.6 %
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-
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Adjusted EBITDA
(2)
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$172,888
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$(1,349)
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$134
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$171,673
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$174,188
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$2,192
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$823
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$177,203
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Consolidated Balance
Sheet & Leverage Metrics
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As of March 31,
2025
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As of December 31,
2024
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Cash and cash
equivalents
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$480,543
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$453,384
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Availability under
Revolving Credit Facility
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$281,250
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$292,500
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Marketable securities
(3)
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$63,333
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$60,850
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Total cash liquidity
& marketable securities(4)
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$825,126
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$806,734
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Debt, gross of deferred
finance costs
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$779,741
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$744,546
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Net Debt
(5)
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$299,198
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$291,162
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LTM Adjusted EBITDA
(6)
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$717,085
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$722,615
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Net Debt / LTM Adjusted
EBITDA
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0.42x
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0.40x
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1.
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Time charter equivalent
revenues and time charter equivalent US$/day are non-GAAP measures.
Refer to the reconciliation provided in the appendix.
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2.
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Adjusted net
income/(loss), adjusted earnings per share and adjusted EBITDA are
non-GAAP measures. Refer to the reconciliation of net income to
adjusted net income and adjusted earnings per share; and net income
to adjusted EBITDA provided below.
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3.
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Marketable securities
refer to fair value of 4,070,214 shares of common stock of SBLK on
March 31, 2025 and December 31, 2024.
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4.
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Total cash liquidity
& marketable securities includes: (i) cash and cash
equivalents, (ii) availability under our Revolving Credit Facility
and (iii) marketable securities.
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5.
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Net Debt is defined as
total debt gross of deferred finance costs less cash and cash
equivalents.
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6.
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Last twelve months
Adjusted EBITDA. Refer to the reconciliation provided
below.
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For management purposes, the Company is organized based on
operating revenues generated from container vessels and dry-bulk
vessels and has two reporting segments: (1) a container vessels
segment and (2) a dry-bulk vessels segment. The Company measures
segment performance based on net income. Items included in the
applicable segment's net income are directly allocated to the
extent that the items are directly or indirectly attributable to
the segments. With regards to the items that are allocated by
indirect calculations, their allocation is commensurate to the
utilization of key resources. The Other column includes components
that are not allocated to any of the Company's reportable segments
and includes investments in an affiliate accounted for using the
equity method of accounting and investments in marketable
securities.
Highlights for the First Quarter Ended March 31, 2025:
- In February 2025, we entered
into a syndicated loan facility agreement for an amount of up to
$850 million, to finance all of our
remaining newbuilding container vessels with deliveries from 2026
through 2028.
- In January 2025 we took
delivery of the 6,014 TEU container vessel 'Phoebe' that is already
contracted for a charter tenor of 7 years.
- Our remaining orderbook currently consists of a further 15
newbuilding containership vessels with an aggregate capacity of
128,220 TEU with expected deliveries of one vessel in 2025, three
vessels in 2026, nine vessels in 2027 and two vessels in 2028. All
the vessels in our orderbook are designed with the latest eco
characteristics, will be methanol fuel ready, fitted with open loop
scrubbers and Alternative Maritime Power (AMP) units and will be
built in accordance with the latest requirements of the
International Maritime Organization (IMO) in relation to Tier III
emission standards and Energy Efficiency Design Index (EEDI) Phase
III.
- We have secured multi-year charter arrangements for the
remaining 15 newbuilding vessels orderbook, with an average charter
duration of approximately 5.3 years weighted by aggregate
contracted charter hire.
- Over the past three months, we added approximately
$525 million to our contracted
revenue backlog through a combination of new charters and charter
extensions for 12 of our container vessels and container vessels
newbuildings.
- As a result, total contracted cash operating revenues, on
the basis of concluded charter contracts through the date of this
release, currently stand at $3.7
billion, including newbuildings. The remaining average
contracted charter duration for our containership fleet is 3.9
years, weighted by aggregate contracted charter hire.
- Contracted operating days charter coverage for our container
vessel fleet is currently 99% for 2025 and 85% for 2026. This
includes newbuildings based on their scheduled delivery
dates.
- As of the date of this release, Danaos has repurchased a
total of 2,937,158 shares of its common stock in the open market
for $205.7 million under its recently
upsized $300 million authorized share
repurchase program that was originally introduced in June 2022 and was upsized in November 2023 and April
2025.
- Danaos has declared a dividend of $0.85 per share of common stock for the first
quarter of 2025. The dividend is payable on June 5, 2025, to stockholders of record as of
May 27, 2025.
Danaos' CEO Dr. John Coustas
commented:
"As the year progresses, the level of global disruption shows no
signs of abating. Armed conflicts continue, mostly recently
involving India and Pakistan, and the uncertainty of tariffs has
led to a dramatic decline in the U.S. Pacific Market. Thus far, the
U.S. economy remains resilient. As long as American consumers
continue to spend, we anticipate that trade flows will rebound,
with depleted inventories eventually driving a surge in demand.
The dry bulk market has recovered from its first quarter lows,
although the rebound has been modest. In our view, a meaningful and
sustained recovery will be challenging absent further growth
initiatives in China. While the
much-publicized Simandu project is expected to benefit the capesize
market by increasing ton-miles, overall iron ore consumption is not
projected to rise significantly.
Our financial performance continues to be strong, although it
has been impacted by a number of charter renewals at lower rates
than those seen during the Covid pandemic. On the other hand, we
continue to build our charter backlog, effectively insulating
ourselves from near-term market weakness. Our charter coverage for
2025 and 2026 is largely secured.
A noteworthy recent development is the proposed IMO regulation
on greenhouse gas emissions. Unfortunately, the regulation
falls short of the industry's more ambitious proposals and is
unlikely to drive meaningful progress on decarbonisation of our
industry. There is limited incentive to use expensive green fuels,
and LNG has not been meaningfully prioritized. As a result, there
is little clarity on the fuel of the future and at present
conventional scrubber-fitted vessels remain the default option
under what is, in essence, a "pay to pollute" framework.
We are currently holding off on new vessel investments and are
focusing on optimizing the performance of our existing fleet. Our
significant growth backlog vessel orderbook includes 15 container
vessels scheduled for delivery over the next three years, all
backed by solid and profitable charter arrangements that will
enhance both our fleet profile and our earnings potential.
Despite the broader uncertainties, we remain committed to
delivering superior returns to our shareholders through disciplined
execution and long-term strategic focus."
Three months ended March 31,
2025 compared to the three months ended March 31, 2024
During the three months ended March 31,
2025, Danaos had an average of 73.7 container
vessels and 10.0 drybulk vessels compared to 68.0 container
vessels and 7.0 drybulk vessels during the three months ended
March 31, 2024. Our container vessels
utilization for the three months ended March
31, 2025 was 97.2% compared to 97.3% in the three months
ended March 31, 2024. Our drybulk
vessels utilization for the three months ended March 31, 2025 was 92.4% compared to 93.6% in the
three months ended March 31,
2024.
Our adjusted net income amounted to $113.4 million, or $6.04 per diluted share, for the three months
ended March 31, 2025 compared to
$140.0 million, or $7.15 per diluted share, for the three months
ended March 31, 2024. We have
adjusted our net income in the three months ended March 31, 2025 for a $2.5
million change in fair value of investments and a
$0.8 million of non-cash finance fees
amortization.
Adjusted net income of our container vessels segment amounted to
$119.8 million for the three months
ended March 31, 2025 compared to
$138.9 million for the three months
ended March 31, 2024. We adjusted net
income of container vessels segment in the three months ended
March 31, 2025 for a $0.8 million of non-cash finance fees
amortization.
Adjusted net income/loss of our drybulk vessels segment amounted
to $6.5 million loss for the three
months ended March 31, 2025 compared
to $0.3 million income for the three
months ended March 31, 2024.
The $26.6 million decrease in
adjusted net income for the three months ended March 31, 2025 compared to the three months ended
March 31, 2024 is primarily
attributable to a $19.8 million
increase in total operating expenses, a $6.0
million increase in net finance expenses, a $0.6 million decrease in dividends received, a
$0.1 million increase in equity loss
on investments, and a $0.1 million
decrease in operating revenues.
Please refer to the Adjusted Net Income reconciliation tables,
which appear later in this earnings release.
On a non-adjusted basis, our net income amounted to $115.1 million, or $6.13 earnings per diluted share, for the three
months ended March 31, 2025 compared
to net income of $150.5 million, or
$7.68 earnings per diluted share, for
the three months ended March 31,
2024. Our net income for the three months ended March 31, 2025 includes $2.5 million gain on marketable securities
compared to $11.0 million gain on
marketable securities in the three months ended March 31, 2024. On a non-adjusted basis, the net
income of our container vessels segment amounted to $119.0 million for the three months ended
March 31, 2025 compared to
$138.4 million for the three months
ended March 31, 2024. On a
non-adjusted basis, the net income/loss of our drybulk vessels
segment amounted to $6.5 million net
loss for the three months ended March 31,
2025 compared to $0.3 million
income for the three months ended March 31,
2024.
Operating Revenues
Operating revenues decreased by
$0.1 million, to $253.3 million in the three months ended
March 31, 2025 from $253.4 million in the three months ended
March 31, 2024.
Operating revenues of our container vessels segment increased by
1.2%, or $2.8 million, to
$236.2 million in the three months
ended March 31, 2025, compared to
$233.4 million in the three months
ended March 31, 2024, analyzed as
follows:
- $24.0 million increase in
revenues as a result of newbuilding containership vessel
additions;
partially off-set by:
- $9.4 million decrease in revenues
as a result of lower charter rates between the two periods;
- $6.2 million decrease in revenues
as a result of lower fleet utilization between the two
periods;
- $0.2 million decrease in revenues
due to the disposal of one containership vessel; and
- $5.4 million decrease in revenues
due to lower non-cash revenue recognition in accordance with US
GAAP.
Operating revenues of our drybulk vessels segment decreased by
14.5%, or $2.9 million, to
$17.1 million in the three months
ended March 31, 2025, compared to
$20.0 million of revenues in the
three months ended March 31, 2024,
analyzed as follows:
- $9.0 million decrease in revenues
as a result of lower charter rates and lower vessel utilization
between the two periods;
partially off-set by:
- $6.1 million increase in revenues
as a result of dry bulk vessel acquisitions.
Vessel Operating Expenses
Vessel operating expenses
increased by $8.6 million to
$51.7 million in the three
months ended March 31, 2025 from
$43.1 million in the three
months ended March 31, 2024,
primarily as a result of the increase in the average number of
vessels in our fleet due to container vessel newbuilding deliveries
and drybulk vessels acquisitions, combined with an increase in the
average daily operating cost of our vessels to $7,028 per vessel per day for the three months
ended March 31, 2025 compared to
$6,493 per vessel per day for the
three months ended March 31, 2024,
mainly due to increased repairs & maintenance expenses between
the two periods. Management believes that our daily operating costs
remain among the most competitive in the industry.
Depreciation & Amortization
Depreciation &
Amortization includes Depreciation and Amortization of Deferred
Dry-docking and Special Survey Costs.
Depreciation
Depreciation expense increased by
$6.1 million, to $40.0 million in the three months ended
March 31, 2025 from $33.9 million in the three months ended
March 31, 2024 due to the increase in
the average number of vessels in our fleet.
Amortization of Deferred Dry-docking and Special Survey
Costs
Amortization of deferred dry-docking and special
survey costs increased by $5.5
million to $11.0 million in
the three months ended March 31, 2025
from $5.5 million in the three months
ended March 31, 2024, reflecting a
larger number of vessels drydocked for which vessels drydocking
amortization cost was recognized during the three months ended
March 31, 2025 compared to the three
months ended March 31, 2024.
General and Administrative Expenses
General and
administrative expenses increased by $2.0
million, to $12.2 million in
the three months ended March 31, 2025
from $10.2 million in the three
months ended March 31, 2024. The
increase was mainly attributable to $0.9
million higher management fees due to the increase in the
average number of vessels in our fleet and an $1 million increase in corporate general and
administrative expenses.
Other Operating Expenses
Other Operating Expenses
include Voyage Expenses.
Voyage Expenses
Voyage expenses decreased by
$2.2 million to $18.1 million in the three months ended
March 31, 2025 from $20.3 million in the three months ended
March 31, 2024, mainly driven by a
$2.7 million decrease in voyage
expenses of our dry bulk vessels, attributed to the different mix
of time charter and voyage charter contracts under which our dry
bulk vessels were deployed between the two periods.
Voyage expenses of container vessels segment increased by
$0.5 million to $8.8 million in the three months ended
March 31, 2025 from $8.3 million in the three months ended
March 31, 2024 mainly due to
increased commissions.
Voyage expenses of drybulk vessels segment decreased by
$2.7 million to $9.3 million in the three months ended
March 31, 2025 compared to
$12.0 million voyage expenses in the
three months ended March 31, 2024.
For the three months ended March 31,
2025, voyage expenses of drybulk vessels comprised of
$1.0 million in commissions and
$8.3 million in other voyage
expenses, compared to $1.2 million in
commissions and $10.8 million in
other voyage expenses for the three months ended March 31, 2024.
Interest Expense and Interest Income
Interest expense
increased by $6.9 million, to
$10.0 million in the three
months ended March 31, 2025 from
$3.1 million in the three months
ended March 31, 2024. The increase in
interest expense is a result of:
- $5.2 million increase in interest
expense due to an increase in our average indebtedness by
$363.9 million between the two
periods. Average indebtedness was $777.6
million in the three months ended March 31, 2025, compared to average indebtedness
of $413.7 million in the three months
ended March 31, 2024. This increase
was partially offset by a decrease in our debt service cost by
approximately 1% as a result of lower SOFR rates between the two
periods;
- $1.4 million increase in interest
expense due to a decrease in the amount of interest expense
capitalized on our vessels under construction in the three months
ended March 31, 2025 when compared to
capitalized interest in the three months ended March 31, 2024; and
- $0.3 million increase in the
amortization of deferred finance costs between the two
periods.
As of March 31, 2025, our
outstanding debt, gross of deferred finance costs, was $779.7 million, which included $262.8 million principal amount of our Senior
Notes. These balances compare to debt of $458.6 million, which included $262.8 million principal amount of our Senior
Notes, gross of deferred finance costs, as of March 31, 2024. The increase in our outstanding
debt is due to loans drawn down to partially finance our container
vessel newbuilding
deliveries.
Interest income increased by $0.7
million, to $3.6 million in
the three months ended March 31, 2025
compared to $2.9 million in the three
months ended March 31, 2024, driven
by higher average cash balances between the two periods.
Gain on investments
The $2.8
million gain on investments in the three months ended
March 31, 2025 consisted of the
change in fair value of our shareholding interest in Star Bulk
Carriers Corp. ("SBLK") of $2.5
million and dividend income on these shares of $0.3 million. This compares to an $11.9 million gain on investments in the three
months ended March 31, 2024,
representing an $11.0 million change
in fair value on our Eagle Bulk Shipping ("EGLE") shareholding
interest and dividend income on these shares of $0.9 million.
Equity loss on investments
Equity loss on investments
amounting to $0.2 million and
$0.1 million in the three months
March 31, 2025 and March 31, 2024, respectively, relates to our
share of expenses of Carbon Termination Technologies Corporation
("CTTC"), currently engaged in the research and development of
decarbonization technologies for the shipping industry.
Other finance expenses
Other finance expenses
increased by $0.1 million to
$1.0 million in the three months
ended March 31, 2025 compared to
$0.9 million in the three months
ended March 31, 2024.
Loss on derivatives
Amortization of deferred realized
losses on interest rate swaps remained stable at $0.9 million in each of the three months ended
March 31, 2025 and March 31, 2024.
Other income/(expenses), net
Other income, net
amounted to $0.6 million in the three
months ended March 31, 2025 compared
to $0.2 million in the three months
ended March 31, 2024.
Adjusted EBITDA
Adjusted EBITDA decreased by 3.1%, or
$5.5 million, to $171.7 million in the three months ended
March 31, 2025 from $177.2 million in the three months ended
March 31, 2024. The decrease was
attributed to (i) $7.9 million
increase in total operating expenses, ii) $0.3 million increase in net financing expenses,
iii) $0.6 million decrease in
dividends received and iv) $0.1
million increase in equity loss on investments offset by v)
$3.4 million increase in operating
revenues. Adjusted EBITDA for the three months ended March 31, 2025 is adjusted for a $2.5 million change in fair value of investments
and stock based compensation of $0.1
million. Tables reconciling Adjusted EBITDA to Net Income
can be found at the end of this earnings release.
Adjusted EBITDA of container vessels segment decreased by 0.7%,
or $1.3 million, to $172.9 million in the three months ended
March 31, 2025 from $174.2 million in the three months ended
March 31, 2024.
Adjusted EBITDA of drybulk vessels segment decreased by
$3.5 million to ($1.3) million in the three months ended
March 31, 2025 from $2.2 million in the three months ended
March 31, 2024.
Dividend Payment
Danaos has declared a dividend of
$0.85 per share of common stock for
the first quarter of 2025, which is payable on June 5, 2025, to stockholders of record as of
May 27, 2025.
Recent Developments
Subsequent to March 31, 2025, we repurchased 264,605 shares of
our common stock in the open market for $19.4 million.
Subsequent to March 31, 2025, we
purchased in the open market an additional 2,060,399 shares of
common stock of Star Bulk Carriers Corp. ("SBLK'') for $27.8 million and the Company today owns
6,130,613 shares.
Conference Call and Webcast
On Wednesday, May 14, 2025 at 9:00 A.M. ET, the Company's management will host
a conference call to discuss the results.
Participants should dial into the call 10 minutes before the
scheduled time using the following numbers: 1 844 802 2437 (US Toll
Free Dial In), 0800 279 948 9 (UK Toll Free Dial In) or +44 (0)
2075 441 375 (Standard International Dial In). Please indicate to
the operator that you wish to join the Danaos Corporation earnings
call.
A telephonic replay of the conference call will be available
until May 21, 2025 by dialing 1 877
344 7529 (US Toll Free Dial In) or 1-412-317-0088 (Standard
International Dial In) and using 4079215# as the access code.
Audio Webcast
There will also be a live and then
archived webcast of the conference call on the Danaos website
(www.danaos.com). Participants of the live webcast should register
on the website approximately 10 minutes prior to the start of the
webcast.
Slide Presentation
A slide presentation regarding the
Company and the container and drybulk industry will also be
available on the Danaos website (www.danaos.com).
About Danaos Corporation
Danaos Corporation is one of
the largest independent owners of modern, large-size container
vessels. Our current fleet of 74 container vessels aggregating
471,477 TEUs and 15 under construction container vessels
aggregating 128,220 TEUs ranks Danaos among the largest
container vessels charter owners in the world based on total TEU
capacity. Danaos has also recently invested in the drybulk sector
with the acquisition of 10 capesize drybulk vessels aggregating
1,760,861 DWT. Our container vessels fleet is chartered to many of
the world's largest liner companies on fixed-rate charters. Our
long track record of success is predicated on our efficient and
rigorous operational standards and environmental controls. Danaos
Corporation's shares trade on the New York Stock Exchange under the
symbol "DAC".
Forward-Looking Statements
Matters discussed in this
release may constitute forward-looking statements within the
meaning of the safe harbor provisions of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Forward-looking statements reflect our current views
with respect to future events and financial performance and may
include statements concerning plans, objectives, goals, strategies,
future events or performance, and underlying assumptions and other
statements, which are other than statements of historical facts.
The forward-looking statements in this release are based upon
various assumptions. Although Danaos Corporation believes that
these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, Danaos Corporation cannot assure you that it
will achieve or accomplish these expectations, beliefs or
projections. Important factors that, in our view, could cause
actual results to differ materially from those discussed in the
forward-looking statements include the strength of world economies
and currencies, geopolitical conditions, including any trade
disruptions resulting from tariffs imposed by the United States or other countries, general
market conditions, including changes in charter hire rates and
vessel values, charter counterparty performance, changes in demand
that may affect attitudes of time charterers to scheduled and
unscheduled drydocking, changes in Danaos Corporation's operating
expenses, including bunker prices, drydocking and insurance costs,
our ability to operate profitably in the drybulk sector,
performance of shipyards constructing our contracted
newbuilding vessels, ability to obtain financing and comply
with covenants in our financing arrangements, actions taken by
regulatory authorities, potential liability from pending or future
litigation, domestic and international political conditions,
including the conflict in Ukraine
and related sanctions, the conflict in Israel and the Gaza
Strip, potential disruption of shipping routes such as
Houthi attacks in the Red Sea and the Gulf of Aden, due to
accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed
by Danaos Corporation with the U.S. Securities and Exchange
Commission.
Visit our website at www.danaos.com
APPENDIX
|
Container vessels
fleet utilization
|
|
|
|
|
|
Vessel Utilization
(No. of Days)
|
|
Three months
ended
|
|
Three months
ended
|
|
March
31,
|
March
31,
|
|
2025
|
2024
|
|
Ownership
Days
|
|
6,637
|
|
6,185
|
|
Less Off-hire
Days:
|
|
|
|
|
|
Scheduled Off-hire
Days
|
|
(167)
|
|
(67)
|
|
Other Off-hire
Days
|
|
(19)
|
|
(99)
|
|
Operating
Days
|
|
6,451
|
|
6,019
|
|
Vessel
Utilization
|
|
97.2 %
|
|
97.3 %
|
|
|
|
|
|
|
Operating Revenues
(in '000s of US$)
|
|
$236,190
|
|
$233,411
|
|
Less: Voyage
Expenses excluding commissions (in '000s of US$)
|
|
(307)
|
|
(488)
|
|
Time Charter
Equivalent Revenues (in '000s of US$)
|
|
235,883
|
|
232,923
|
|
Time Charter
Equivalent US$/per day
|
|
$36,565
|
|
$38,698
|
|
|
|
|
|
|
Drybulk vessels
fleet utilization
|
|
|
|
|
|
Vessel Utilization
(No. of Days)
|
|
Three months
ended
|
|
Three months
ended
|
|
March
31,
|
March
31,
|
|
2025
|
2024
|
|
Ownership
Days
|
|
900
|
|
637
|
|
Less Off-hire
Days:
|
|
|
|
|
|
Scheduled Off-hire
Days
|
|
(56)
|
|
(31)
|
|
Other Off-hire
Days
|
|
(12)
|
|
(10)
|
|
Operating
Days
|
|
832
|
|
596
|
|
Vessel
Utilization
|
|
92.4 %
|
|
93.6 %
|
|
|
|
|
|
|
Operating Revenues
(in '000s of US$)
|
|
$17,117
|
|
$20,038
|
|
Less: Voyage
Expenses excluding commissions (in '000s of US$)
|
|
(8,370)
|
|
(10,827)
|
|
Time Charter
Equivalent Revenues (in '000s of US$)
|
|
8,747
|
|
9,211
|
|
Time Charter
Equivalent US$/per day
|
|
$10,513
|
|
$15,455
|
|
1)
|
We define Operating
Days as the total number of Ownership Days net of Scheduled
off-hire days (days associated with scheduled repairs, drydockings
or special or intermediate surveys or days) and net of
off-hire days associated with unscheduled repairs or days waiting
to find employment but including days our vessels were sailing for
repositioning. The shipping industry uses Operating Days to measure
the number of days in a period during which vessels actually
generate revenues or are sailing for repositioning purposes. Our
definition of Operating Days may not be comparable to that used by
other companies in the shipping industry.
|
|
2)
|
Time charter equivalent
US$/per day ("TCE rate") represents the average daily TCE rate of
our container vessels segment and drybulk vessels segment
calculated dividing time charter equivalent revenues of each
segment by operating days of each segment. TCE rate is a standard
shipping industry performance measure used primarily to compare
period to period changes in a shipping company's performance
despite changes in the mix of charter types i.e., voyage charters,
time charters, bareboat charters under which its vessels may be
employed between the periods. Our method of computing TCE rate may
not necessarily be comparable to TCE rates of other companies due
to differences in methods of calculation. We include TCE rate, a
non- GAAP measure, as it provides additional meaningful information
in conjunction with operating revenues, the most directly
comparable GAAP measure, and it assists our management in making
decisions regarding the deployment and use of our operating vessels
and assists investors and our management in evaluating our
financial performance.
|
Fleet List
The following table describes in detail our container vessels
deployment profile as of May 12,
2025:
|
Vessel
Name
|
Vessel
Size
|
|
Year
Built
|
|
Expiration of
Charter(2)
|
|
(TEU) (1)
|
|
Ambition (ex Hyundai
Ambition)
|
13,100
|
|
2012
|
|
April 2027
|
|
Speed (ex Hyundai
Speed)
|
13,100
|
|
2012
|
|
March 2027
|
|
Kota Plumbago (ex
Hyundai Smart)
|
13,100
|
|
2012
|
|
July 2027
|
|
Kota Primrose (ex
Hyundai Respect)
|
13,100
|
|
2012
|
|
April 2027
|
|
Kota Peony (ex
Hyundai Honour)
|
13,100
|
|
2012
|
|
March 2027
|
|
Express
Rome
|
10,100
|
|
2011
|
|
May 2027
|
|
Express
Berlin
|
10,100
|
|
2011
|
|
December
2029
|
|
Express
Athens
|
10,100
|
|
2011
|
|
May 2027
|
|
Le
Havre
|
9,580
|
|
2006
|
|
June 2028
|
|
Pusan
C
|
9,580
|
|
2006
|
|
May 2028
|
|
Bremen
|
9,012
|
|
2009
|
|
January 2028
|
|
C
Hamburg
|
9,012
|
|
2009
|
|
January 2028
|
|
Niledutch
Lion
|
8,626
|
|
2008
|
|
May 2028
|
|
Kota
Manzanillo
|
8,533
|
|
2005
|
|
December
2028
|
|
Belita
|
8,533
|
|
2006
|
|
June 2028
|
|
CMA CGM
Melisande
|
8,530
|
|
2012
|
|
January 2028
|
|
CMA CGM
Attila
|
8,530
|
|
2011
|
|
May 2027
|
|
CMA CGM
Tancredi
|
8,530
|
|
2011
|
|
July 2027
|
|
CMA CGM
Bianca
|
8,530
|
|
2011
|
|
September
2027
|
|
CMA CGM
Samson
|
8,530
|
|
2011
|
|
November
2027
|
|
America
|
8,468
|
|
2004
|
|
April 2028
|
|
Europe
|
8,468
|
|
2004
|
|
May 2028
|
|
Kota
Santos
|
8,463
|
|
2005
|
|
June 2029
|
|
Catherine
C(3)
|
8,010
|
|
2024
|
|
June 2029
|
|
Greenland(3)
|
8,010
|
|
2024
|
|
August 2029
|
|
Greenville(4)
|
8,010
|
|
2024
|
|
October 2029
|
|
Greenfield(5)
|
8,010
|
|
2024
|
|
November
2029
|
|
Interasia
Accelerate(3)
|
7,165
|
|
2024
|
|
April 2027
|
|
Interasia
Amplify(4)
|
7,165
|
|
2024
|
|
September
2027
|
|
CMA CGM
Moliere
|
6,500
|
|
2009
|
|
March 2027
|
|
CMA CGM
Musset
|
6,500
|
|
2010
|
|
July 2027
|
|
CMA CGM
Nerval
|
6,500
|
|
2010
|
|
November
2025
|
|
CMA CGM
Rabelais
|
6,500
|
|
2010
|
|
January 2026
|
|
Racine
|
6,500
|
|
2010
|
|
June 2029
|
|
YM
Mandate
|
6,500
|
|
2010
|
|
January 2028
|
|
YM
Maturity
|
6,500
|
|
2010
|
|
April 2028
|
|
Savannah (ex Zim
Savannah)
|
6,402
|
|
2002
|
|
June 2027
|
|
Dimitra
C
|
6,402
|
|
2002
|
|
April 2027
|
|
Phoebe(6)
|
6,014
|
|
2025
|
|
October 2031
|
|
Suez
Canal
|
5,610
|
|
2002
|
|
April 2026
|
|
Kota
Lima
|
5,544
|
|
2002
|
|
September
2025
|
|
Wide
Alpha
|
5,466
|
|
2014
|
|
January 2030
|
|
Stephanie
C
|
5,466
|
|
2014
|
|
September
2028
|
|
Euphrates (ex Maersk
Euphrates)
|
5,466
|
|
2014
|
|
September
2028
|
|
Wide
Hotel
|
5,466
|
|
2015
|
|
March 2030
|
|
Wide
India
|
5,466
|
|
2015
|
|
October 2028
|
|
Wide
Juliet
|
5,466
|
|
2015
|
|
September
2025
|
|
Seattle
C
|
4,253
|
|
2007
|
|
October 2026
|
|
Vancouver
|
4,253
|
|
2007
|
|
November
2026
|
|
Derby
D
|
4,253
|
|
2004
|
|
January 2027
|
|
Tongala
|
4,253
|
|
2004
|
|
November
2026
|
|
Rio
Grande
|
4,253
|
|
2008
|
|
November
2026
|
|
Merve
A
|
4,253
|
|
2008
|
|
August 2027
|
|
Kingston
|
4,253
|
|
2008
|
|
June 2027
|
|
Monaco (ex ZIM
Monaco)
|
4,253
|
|
2009
|
|
December
2026
|
|
Dalian
|
4,253
|
|
2009
|
|
March 2026
|
|
ZIM
Luanda
|
4,253
|
|
2009
|
|
August 2028
|
|
Dimitris
C
|
3,430
|
|
2001
|
|
September
2027
|
|
Express Black
Sea
|
3,400
|
|
2011
|
|
January 2027
|
|
Express
Spain
|
3,400
|
|
2011
|
|
January 2027
|
|
Express
Argentina
|
3,400
|
|
2010
|
|
December
2026
|
|
Express
Brazil
|
3,400
|
|
2010
|
|
April 2027
|
|
Express
France
|
3,400
|
|
2010
|
|
July 2027
|
|
Singapore
|
3,314
|
|
2004
|
|
March 2027
|
|
Colombo
|
3,314
|
|
2004
|
|
January 2027
|
|
Zebra
|
2,602
|
|
2001
|
|
November
2025
|
|
Artotina
|
2,524
|
|
2001
|
|
January 2026
|
|
Advance
|
2,200
|
|
1997
|
|
June 2026
|
|
Future
|
2,200
|
|
1997
|
|
May 2026
|
|
Sprinter
|
2,200
|
|
1997
|
|
May 2026
|
|
Bridge
|
2,200
|
|
1998
|
|
January 2028
|
|
Progress
C
|
2,200
|
|
1998
|
|
April 2026
|
|
Phoenix
D
|
2,200
|
|
1997
|
|
March 2026
|
|
Highway
|
2,200
|
|
1998
|
|
January 2028
|
|
(1)
|
Twenty-feet equivalent
unit, the international standard measure for containers and
container vessels capacity.
|
|
(2)
|
Earliest date charters
could expire. Some charters include options for the charterer to
extend their terms.
|
|
(3)
|
The newbuilding vessels
were delivered in the second quarter of 2024.
|
|
(4)
|
The newbuilding vessels
were delivered in the third quarter of 2024.
|
|
(5)
|
The newbuilding vessel
was delivered in the fourth quarter of 2024.
|
|
(6)
|
The newbuilding vessel
was delivered in January 2025.
|
|
Container vessels under
construction as of May 12, 2025:
|
|
|
|
|
Hull
Number
|
Vessel
Size
(TEU)
|
|
Expected Delivery
Year
|
|
|
Minimum Charter
Duration
|
|
Hull No.
CV5900-08
|
6,014
|
|
2025
|
|
|
6.8 Years
|
|
Hull No.
YZJ2023-1556
|
8,258
|
|
2026
|
|
|
5 Years
|
|
Hull No.
YZJ2023-1557
|
8,258
|
|
2026
|
|
|
5 Years
|
|
Hull No.
YZJ2024-1612
|
8,258
|
|
2026
|
|
|
5 Years
|
|
Hull No.
YZJ2024-1613
|
8,258
|
|
2027
|
|
|
5 Years
|
|
Hull No.
YZJ2024-1625
|
8,258
|
|
2027
|
|
|
5 Years
|
|
Hull No.
YZJ2024-1626
|
8,258
|
|
2027
|
|
|
5 Years
|
|
Hull No.
YZJ2024-1668
|
8,258
|
|
2027
|
|
|
5 Years
|
|
Hull No.
C9200-7
|
9,200
|
|
2027
|
|
|
4.8 Years
|
|
Hull No.
C9200-8
|
9,200
|
|
2027
|
|
|
4.8 Years
|
|
Hull No.
C9200-9
|
9,200
|
|
2027
|
|
|
4.8 Years
|
|
Hull No.
C9200-10
|
9,200
|
|
2028
|
|
|
4.8 Years
|
|
Hull No.
C9200-11
|
9,200
|
|
2028
|
|
|
4.8 Years
|
|
Hull No.
H2596
|
9,200
|
|
2027
|
|
|
6 Years
|
|
Hull No.
H2597
|
9,200
|
|
2027
|
|
|
6 Years
|
|
The following table
describes the details of our Capesize drybulk vessels as of May 12,
2025:
|
|
Vessel
Name
|
Capacity
(DWT) (1)
|
|
Year
Built
|
|
|
Achievement
|
175,966
|
|
2011
|
|
|
Genius
|
175,580
|
|
2012
|
|
|
Ingenuity
|
176,022
|
|
2011
|
|
|
Integrity
|
175,966
|
|
2010
|
|
|
Peace
|
175,858
|
|
2010
|
|
|
W
Trader
|
175,879
|
|
2009
|
|
|
E
Trader
|
175,886
|
|
2009
|
|
|
Gouverneur (ex Xin
Hang) (2)
|
178,043
|
|
2010
|
|
|
Valentine (ex Star
Audrey) (2)
|
175,125
|
|
2011
|
|
|
Danaos (ex Guo
May) (3)
|
176,536
|
|
2011
|
|
|
(1)
|
DWT, dead weight tons,
the international standard measure for drybulk vessels
capacity.
|
|
(2)
|
The vessels were
delivered in the second quarter of 2024.
|
|
(3)
|
The vessel was
delivered in July 2024.
|
|
DANAOS
CORPORATION
Condensed
Consolidated Statements of Income - Unaudited
(Expressed in
thousands of United States dollars, except per share
amounts)
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
March
31,
|
March
31,
|
|
|
2025
|
|
2024
|
|
|
|
|
|
|
OPERATING
REVENUES
|
$253,307
|
|
$253,449
|
|
OPERATING
EXPENSES
|
|
|
|
|
Vessel operating
expenses
|
(51,702)
|
|
(43,114)
|
|
Depreciation &
amortization
|
(50,998)
|
|
(39,315)
|
|
General &
administrative
|
(12,222)
|
|
(10,244)
|
|
Other operating
expenses
|
(18,135)
|
|
(20,342)
|
|
Income From
Operations
|
120,250
|
|
140,434
|
|
OTHER
INCOME/(EXPENSES)
|
|
|
|
|
Interest
income
|
3,605
|
|
2,936
|
|
Interest
expense
|
(10,003)
|
|
(3,124)
|
|
Gain on
investments
|
2,849
|
|
11,911
|
|
Other finance
expenses
|
(987)
|
|
(882)
|
|
Equity loss on
investments
|
(232)
|
|
(109)
|
|
Other
income/(expenses), net
|
558
|
|
235
|
|
Realized loss on
derivatives
|
(893)
|
|
(903)
|
|
Total Other
Income/(Expenses), net
|
(5,103)
|
|
10,064
|
|
Net
Income
|
115,147
|
|
150,498
|
|
EARNINGS PER
SHARE
|
|
|
|
|
Basic earnings per
share
|
$6.14
|
|
$7.75
|
|
Diluted earnings per
share
|
$6.13
|
|
$7.68
|
|
Basic weighted average
number of common shares
(in thousands of shares)
|
18,750
|
|
19,412
|
|
Diluted weighted
average number of common
shares (in thousands of shares)
|
18,781
|
|
19,584
|
|
Non-GAAP
Measures1
Reconciliation of
Net Income to Adjusted Net Income – Unaudited
|
|
|
Three months
ended
|
|
Three months
ended
|
|
March
31,
|
March
31,
|
|
2025
|
|
2024
|
|
Net Income
|
$115,147
|
|
$150,498
|
|
Change in fair value of
investments
|
(2,483)
|
|
(10,979)
|
|
Amortization of
financing fees
|
758
|
|
497
|
|
Adjusted Net
Income
|
$113,422
|
|
$140,016
|
|
Adjusted Earnings
Per Share, diluted
|
$6.04
|
|
$7.15
|
|
Diluted weighted
average number of shares (in thousands of
shares)
|
18,781
|
|
19,584
|
|
1 The
Company reports its financial results in accordance with U.S.
generally accepted accounting principles (GAAP). However,
management believes that certain non-GAAP financial measures used
in managing the business may provide users of this financial
information additional meaningful comparisons between current
results and results in prior operating periods. Management believes
that these non-GAAP financial measures can provide additional
meaningful reflection of underlying trends of the business because
they provide a comparison of historical information that excludes
certain items that impact the overall comparability. Management
also uses these non-GAAP financial measures in making financial,
operating and planning decisions and in evaluating the Company's
performance. See the Table above for supplemental financial data
and corresponding reconciliations to GAAP financial measures for
the three months ended March 31, 2025 and 2024. The non-GAAP
financial measures should be viewed in addition to, and not as an
alternative for, the Company's reported results prepared in
accordance with GAAP. The non-GAAP financial measures as presented
above may not be comparable to similarly titled measures of other
companies in the shipping or other industries.
|
|
DANAOS
CORPORATION
Condensed
Consolidated Balance Sheets - Unaudited
(Expressed in
thousands of United States dollars)
|
|
|
|
|
As of
|
|
As of
|
|
March
31,
|
December
31,
|
|
|
|
2025
|
|
2024
|
|
ASSETS
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash
|
|
$480,543
|
|
$453,384
|
|
Accounts receivable,
net
|
|
25,046
|
|
25,578
|
|
Other current
assets
|
|
200,240
|
|
192,005
|
|
|
|
705,829
|
|
670,967
|
|
NON-CURRENT
ASSETS
|
|
|
|
|
|
Fixed assets,
net
|
|
3,319,777
|
|
3,290,309
|
|
Advances for vessels
acquisition and vessels under
construction
|
|
285,485
|
|
265,838
|
|
Deferred charges,
net
|
|
63,578
|
|
58,759
|
|
Other non-current
assets
|
|
64,186
|
|
57,781
|
|
|
|
3,733,026
|
|
3,672,687
|
|
TOTAL
ASSETS
|
|
$4,438,855
|
|
$4,343,654
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
Long-term debt, current
portion
|
|
$37,660
|
|
$35,220
|
|
Accounts payable,
accrued liabilities & other current liabilities
|
|
124,892
|
|
133,734
|
|
|
|
162,552
|
|
168,954
|
|
LONG-TERM
LIABILITIES
|
|
|
|
|
|
Long-term debt,
net
|
|
732,194
|
|
699,563
|
|
Other long-term
liabilities
|
|
50,380
|
|
50,337
|
|
|
|
782,574
|
|
749,900
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
Common stock
|
|
186
|
|
190
|
|
Additional paid-in
capital
|
|
619,361
|
|
650,864
|
|
Accumulated other
comprehensive loss
|
|
(69,247)
|
|
(70,430)
|
|
Retained
earnings
|
|
2,943,429
|
|
2,844,176
|
|
|
|
3,493,729
|
|
3,424,800
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$4,438,855
|
|
$4,343,654
|
|
DANAOS
CORPORATION
Condensed
Consolidated Statements of Cash Flows
- Unaudited
(Expressed in
thousands of United States dollars)
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
March
31,
|
March
31,
|
|
|
2025
|
|
2024
|
|
Operating
Activities:
|
|
|
|
|
Net income
|
$115,147
|
|
$150,498
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation
|
40,028
|
|
33,863
|
|
Amortization of
deferred drydocking & special survey costs and finance
costs
|
11,728
|
|
5,949
|
|
Amortization of assumed
time charters
|
-
|
|
(3,498)
|
|
Prior service cost and
periodic cost
|
1,085
|
|
257
|
|
Gain on
investments
|
(2,483)
|
|
(10,979)
|
|
Payments for
drydocking/special survey
|
(15,789)
|
|
(4,169)
|
|
Amortization of
deferred realized losses on cash flow interest rate
swaps
|
893
|
|
903
|
|
Equity loss on
investments
|
232
|
|
109
|
|
Stock based
compensation
|
1,705
|
|
1,576
|
|
Accounts
receivable
|
172
|
|
(3,452)
|
|
Other assets, current
and non-current
|
(6,384)
|
|
11,887
|
|
Accounts payable and
accrued liabilities
|
(2,555)
|
|
(6,228)
|
|
Other liabilities,
current and long-term
|
(9,919)
|
|
(23,424)
|
|
Net Cash provided
by Operating Activities
|
133,860
|
|
153,292
|
|
|
|
|
|
|
Investing
Activities:
|
|
|
|
|
Vessel additions and
advances for vessels under construction
|
(85,690)
|
|
(124,127)
|
|
Net proceeds and
insurance proceeds from disposal of vessel
|
1,681
|
|
716
|
|
Net Cash used in
Investing Activities
|
(84,009)
|
|
(123,411)
|
|
|
|
|
|
|
Financing
Activities:
|
|
|
|
|
Proceeds from long-term
debt
|
44,000
|
|
55,000
|
|
Debt
repayment
|
(8,805)
|
|
(6,875)
|
|
Dividends
paid
|
(15,890)
|
|
(15,535)
|
|
Repurchase of common
stock
|
(33,774)
|
|
(4,129)
|
|
Finance
costs
|
(8,223)
|
|
(5,825)
|
|
Net Cash (used in)
/ provided by Financing Activities
|
(22,692)
|
|
22,636
|
|
Net increase in cash
and cash equivalents
|
27,159
|
|
52,517
|
|
Cash and cash
equivalents, beginning of period
|
453,384
|
|
271,809
|
|
Cash and cash
equivalents, end of period
|
$480,543
|
|
$324,326
|
|
DANAOS
CORPORATION
Reconciliation of
Net Income to Adjusted EBITDA - Unaudited
(Expressed in
thousands of United States dollars)
|
|
|
Three months
ended
|
|
Three months
ended
|
|
Last twelve
months
ended
|
|
Last twelve
months
ended
|
|
March
31,
|
March
31,
|
March
31,
|
March
31,
|
|
2025
|
|
2024
|
|
2025
|
|
2024
|
|
Net income
|
$115,147
|
|
$150,498
|
|
$469,722
|
|
$580,596
|
|
Depreciation
|
40,028
|
|
33,863
|
|
154,509
|
|
131,621
|
|
Amortization of
deferred drydocking & special survey
costs
|
10,970
|
|
5,452
|
|
34,679
|
|
20,280
|
|
Amortization of assumed
time charters
|
-
|
|
(3,498)
|
|
(1,036)
|
|
(18,184)
|
|
Amortization of
deferred finance costs and commitment
fees
|
1,336
|
|
1,273
|
|
4,968
|
|
4,958
|
|
Amortization of
deferred realized losses on interest rate
swaps
|
893
|
|
903
|
|
3,622
|
|
3,632
|
|
Interest
income
|
(3,605)
|
|
(2,936)
|
|
(13,559)
|
|
(12,346)
|
|
Interest expense
excluding amortization of finance costs
|
9,245
|
|
2,627
|
|
30,477
|
|
14,860
|
|
Change in fair value of
investments
|
(2,483)
|
|
(10,979)
|
|
33,675
|
|
(28,846)
|
|
Loss on debt
extinguishment
|
-
|
|
-
|
|
-
|
|
2,254
|
|
Stock based
compensation
|
142
|
|
-
|
|
8,360
|
|
6,340
|
|
Net gain on
disposal/sale of vessels
|
-
|
|
-
|
|
(8,332)
|
|
-
|
|
Adjusted
EBITDA(1)
|
$171,673
|
|
$177,203
|
|
$717,085
|
|
$705,165
|
|
1)
|
Adjusted EBITDA
represents net income before interest income and expense,
depreciation, amortization of deferred drydocking & special
survey costs, amortization of assumed time charters, amortization
of deferred finance costs and commitment fees, amortization of
deferred realized losses on interest rate swaps, adjusted for the
change in fair value of investments, stock based compensation, loss
on debt extinguishment and net gain on disposal/sale of vessels.
However, Adjusted EBITDA is not a recognized measurement under U.S.
generally accepted accounting principles, or "GAAP." We believe
that the presentation of Adjusted EBITDA is useful to investors
because it is frequently used by securities analysts, investors and
other interested parties in the evaluation of companies in our
industry. We also believe that EBITDA and Adjusted EBITDA assist
investors and analysts in comparing our performance across
reporting periods on a consistent basis by excluding items that we
do not believe are indicative of our core operating performance. In
evaluating Adjusted EBITDA, you should be aware that in the future
we may incur expenses that are the same as or similar to some of
the adjustments in this presentation. Our presentation of Adjusted
EBITDA should not be construed as an inference that our future
results will be unaffected by unusual or non-recurring items. The
non-GAAP financial measures as presented above may not be
comparable to similarly titled measures of other companies in the
shipping or other industries.
|
|
Note: Items to consider
for comparability include gains and charges. Gains positively
impacting net income are reflected as deductions to net income.
Charges negatively impacting net income are reflected as increases
to net income.
|
|
The Company reports its
financial results in accordance with U.S. generally accepted
accounting principles (GAAP). However, management believes that
certain non-GAAP financial measures used in managing the business
may provide users of this financial information additional
meaningful comparisons between current results and results in prior
operating periods. Management believes that these non-GAAP
financial measures can provide additional meaningful reflection of
underlying trends of the business because they provide a comparison
of historical information that excludes certain items that impact
the overall comparability. Management also uses these non-GAAP
financial measures in making financial, operating and planning
decisions and in evaluating the Company's performance. See the
Tables above for supplemental financial data and corresponding
reconciliations to GAAP financial measures for the three months and
year ended March 31, 2025 and March 31, 2024. Non-GAAP financial
measures should be viewed in addition to, and not as an alternative
for, the Company's reported results prepared in accordance with
GAAP.
|
|
DANAOS
CORPORATION
Reconciliation of
Net Income to Adjusted EBITDA per segment
Three Months Ended
March 31, 2025 and Three Months Ended March 31, 2024
Unaudited
(Expressed in
thousands of United States dollars)
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
March 31,
2025
|
|
March 31,
2024
|
|
Container
Vessels
|
|
Drybulk
Vessels
|
|
Other
|
|
Total
|
|
Container
Vessels
|
|
Drybulk
Vessels
|
|
Other
|
|
Total
|
|
Net
income/(loss)
|
$119,045
|
|
$(6,542)
|
|
$2,644
|
|
$115,147
|
|
$138,359
|
|
$337
|
|
$11,802
|
|
$150,498
|
|
Depreciation
|
36,764
|
|
3,264
|
|
-
|
|
40,028
|
|
32,008
|
|
1,855
|
|
-
|
|
33,863
|
|
Amortization of
deferred
drydocking & special
survey costs
|
9,051
|
|
1,919
|
|
-
|
|
10,970
|
|
5,452
|
|
-
|
|
-
|
|
5,452
|
|
Amortization of
assumed
time charters
|
-
|
|
-
|
|
-
|
|
-
|
|
(3,498)
|
|
-
|
|
-
|
|
(3,498)
|
|
Amortization of
deferred
finance costs and
commitment fees
|
1,336
|
|
-
|
|
-
|
|
1,336
|
|
1,273
|
|
-
|
|
-
|
|
1,273
|
|
Amortization of
deferred
realized losses on interest
rate swaps
|
893
|
|
-
|
|
-
|
|
893
|
|
903
|
|
-
|
|
-
|
|
903
|
|
Interest
income
|
(3,578)
|
|
-
|
|
(27)
|
|
(3,605)
|
|
(2,936)
|
|
-
|
|
-
|
|
(2,936)
|
|
Interest expense
excluding
amortization of finance
costs
|
9,245
|
|
-
|
|
-
|
|
9,245
|
|
2,627
|
|
-
|
|
-
|
|
2,627
|
|
Change in fair value
of
investments
|
-
|
|
-
|
|
(2,483)
|
|
(2,483)
|
|
-
|
|
-
|
|
(10,979)
|
|
(10,979)
|
|
Stock based
compensation
|
132
|
|
10
|
|
-
|
|
142
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Adjusted
EBITDA(1)
|
$172,888
|
|
$(1,349)
|
|
$134
|
|
$171,673
|
|
$174,188
|
|
$2,192
|
|
$823
|
|
$177,203
|
|
1)
|
Adjusted EBITDA
represents net income before interest income and expense,
depreciation, amortization of deferred drydocking & special
survey costs, amortization of assumed time charters, amortization
of deferred finance costs and commitment fees, amortization of
deferred realized losses on interest rate swaps and adjusted for
the change in fair value of investments and stock based
compensation. However, Adjusted EBITDA is not a recognized
measurement under U.S. generally accepted accounting principles, or
"GAAP." We believe that the presentation of Adjusted EBITDA is
useful to investors because it is frequently used by securities
analysts, investors and other interested parties in the evaluation
of companies in our industry. We also believe that EBITDA and
Adjusted EBITDA assist investors and analysts in comparing our
performance across reporting periods on a consistent basis by
excluding items that we do not believe are indicative of our core
operating performance. In evaluating Adjusted EBITDA, you should be
aware that in the future we may incur expenses that are the same as
or similar to some of the adjustments in this presentation. Our
presentation of Adjusted EBITDA should not be construed as an
inference that our future results will be unaffected by unusual or
non-recurring items. The non-GAAP financial measures as presented
above may not be comparable to similarly titled measures of other
companies in the shipping or other industries.
|
|
Note: Items to consider
for comparability include gains and charges. Gains positively
impacting net income are reflected as deductions to net income.
Charges negatively impacting net income are reflected as increases
to net income.
|
|
The Company reports its
financial results in accordance with U.S. generally accepted
accounting principles (GAAP). However, management believes that
certain non-GAAP financial measures used in managing the business
may provide users of these financial information additional
meaningful comparisons between current results and results in prior
operating periods. Management believes that these non-GAAP
financial measures can provide additional meaningful reflection of
underlying trends of the business because they provide a comparison
of historical information that excludes certain items that impact
the overall comparability. Management also uses these non-GAAP
financial measures in making financial, operating and planning
decisions and in evaluating the Company's performance. See the
Tables above for supplemental financial data and corresponding
reconciliations to GAAP financial measures for the three months
ended March 31, 2025 and 2024. Non-GAAP financial measures should
be viewed in addition to, and not as an alternative for, the
Company's reported results prepared in accordance with
GAAP.
|
|
DANAOS
CORPORATION
Reconciliation of
Net Income to Adjusted Net Income per segment
Three Months Ended
March 31, 2025 and Three Months Ended March 31, 2024
Unaudited
(Expressed in
thousands of United States dollars)
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
March 31,
2025
|
|
March 31,
2024
|
|
|
Container
Vessels
|
|
Drybulk
Vessels
|
|
Other
|
|
Total
|
|
Container
Vessels
|
|
Drybulk
Vessels
|
|
Other
|
|
Total
|
|
Net
income/(loss)
|
|
$119,045
|
|
$(6,542)
|
|
$2,644
|
|
$115,147
|
|
$138,359
|
|
$337
|
|
$11,802
|
|
$150,498
|
|
Change in fair value
of
investments
|
|
-
|
|
-
|
|
(2,483)
|
|
(2,483)
|
|
-
|
|
-
|
|
(10,979)
|
|
(10,979)
|
|
Amortization of
financing fees
|
|
758
|
|
-
|
|
-
|
|
758
|
|
497
|
|
-
|
|
-
|
|
497
|
|
Adjusted Net
income/(loss)(1)
|
|
$119,803
|
|
$(6,542)
|
|
$161
|
|
$113,422
|
|
$138,856
|
|
$337
|
|
$823
|
|
$140,016
|
|
Adjusted
Earnings
per Share, diluted
|
|
|
|
|
|
|
|
$6.04
|
|
|
|
-
|
|
-
|
|
$7.15
|
|
Diluted weighted
average number of shares (in thousands of shares)
|
|
18,781
|
|
|
|
19,584
|
|
1)
|
The Company reports its
financial results in accordance with U.S. generally accepted
accounting principles (GAAP). However, management believes that
certain non-GAAP financial measures used in managing the business
may provide users of this financial information additional
meaningful comparisons between current results and results in prior
operating periods. Management believes that these non-GAAP
financial measures can provide additional meaningful reflection of
underlying trends of the business because they provide a comparison
of historical information that excludes certain items that impact
the overall comparability. Management also uses these non-GAAP
financial measures in making financial, operating and planning
decisions and in evaluating the Company's performance. See the
Table above for supplemental financial data and corresponding
reconciliations to GAAP financial measures for the three months
ended March 31, 2025 and 2024. Non-GAAP financial measures should
be viewed in addition to, and not as an alternative for, the
Company's reported results prepared in accordance with GAAP. The
non-GAAP financial measures as presented above may not be
comparable to similarly titled measures of other companies in the
shipping or other industries.
|
View original
content:https://www.prnewswire.com/news-releases/danaos-corporation-reports-first-quarter-results-for-period-ended-march-31-2025-302454331.html
SOURCE Danaos Corporation